appendix d: steps to building your asset building plan ... · into smart goals rewrite the goals...
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Keys to Your Financial Future Facilitator’s Guide Appendix
Appendix D: Steps to Building Your Asset Building Plan Modules 1, 2 and 3
This section includes all of the worksheets for the asset building plan for modules 1, 2 and 3 in one place.
Keys to Your Financial Future Step 1.1: Your Vision
Use the following questions to help you develop a vision statement for yourself.
What do you dream about for yourself? What career do you envision for yourself? Do you plan to run your own business? Do you hope to have a partner/spouse? Do you hope to have children? Do you want to own a home? Or do you want to travel the world? Write down those things you dream about. Describe your vision for your life.
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Keys to Your Financial Future Step 1.2: Turning Your Goals into SMART Goals
Rewrite the goals you wrote above as SMART goals.
SMART Goals Check to Ensure Each Goal is SMART
q Specific q Measurable q Achievable q Results-Oriented q Timebound
q Specific q Measurable q Achievable q Results-Oriented q Timebound
q Specific q Measurable q Achievable q Results-Oriented q Timebound
q Specific q Measurable q Achievable q Results-Oriented q Timebound
q Specific q Measurable q Achievable q Results-Oriented q Timebound
q Specific q Measurable q Achievable q Results-Oriented q Timebound
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Keys to Your Financial Future Step 1.3: Turning Your SMART Goals into Savings Targets
Use the following worksheet to identify the resources you need to achieve each goal. Then calculate the amount you need to save monthly or weekly to reach each goal.
To figure out your monthly savings target, divide the total money you need by the number of months you have to save for your goal. To figure out your weekly savings target, divide your monthly savings target by four (4 weeks).
Add the monthly or weekly savings target for all of your goals to figure out how much you need to save each month or week to reach all of your goals.
SMART Goal Resources Money Needed
Months to
Save
Monthly Savings Target (Money
Needed ÷ Months to Save)
Optional: Weekly Savings Target
(Monthly Savings
÷ 4 Weeks)
I will save $1000 for college during the next six months.
• Savings account (Federally insured)
• Identification to open savings account
• Income • Budget • $1000
$1000 6 months
$166.67 or $170
$42.50
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SMART Goal Resources Money Needed
Months to
Save
Monthly Savings Target (Money
Needed ÷ Months to Save)
Optional: Weekly Savings Target
(Monthly Savings
÷ 4 Weeks)
TOTAL MONTHLY SAVINGS TO REACH ALL
GOALS: MONTHLY SAVINGS TARGET TOTAL
TOTAL WEEKLY SAVINGS TO REACH ALL GOALS:
WEEKLY SAVINGS TARGET TOTAL
Keys to Your Financial Future Step 1.4: Revising Your Goal Savings Targets
Go back to the SMART Goal Savings Target chart you completed. Review the monthly (or weekly) savings target total. Can you save this much? If not, use the three strategies listed above:
• Prioritize your goals • Find other resources • Change the time frame
Once this is done, make a copy of this worksheet and put it somewhere you will read it every day.
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Key to Your Financial Future Step 1.5: Making Contingency Plans Use the worksheet below to develop contingency plans for the obstacles you listed above. Obstacles that You May Create Obstacle
Possible Solutions
Obstacles that are Caused by Something or Someone Else (External) Obstacle
Possible Solutions
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Key to Your Financial Your Future Step 1.6: Charting Your Social Capital Have you ever thought about your social capital? Have you thought about how social capital can help you become financially independent? Or financially capable? Use this exercise to help identify the social capital you have and the social capital you feel you need. Source of Social Capital
Strong or Not Strong
Formal or Informal
How can this relationship help me build assets?
How can this relationship help me become financially capable/ independent?
What should I expect to give to this relationship?
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Key to Your Financial Future Step 1.7: Planning for Your Opportunity Passport™ Matched Savings Answer each of the questions below about your plans for your Opportunity Passport™ Matched Savings. What asset will you invest your matched savings in? How much can you save every week toward this asset? If you save that amount every week, how much will you save in one year? What is your site’s match rate? What is your site’s match limit? If you save the full amount you have planned, what will be the total value of your matched savings given your site’s match rate and match limit?
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Key to Your Financial Future Step 1.8: Your Savings Plan
You have already written your goals and figured out how much you need to save to reach your goals. Use this worksheet to plan where you will put your savings.
Savings Goal Goal Amount
Weekly or
Monthly Savings
Savings Strategies (How will you find
this money to save?)
Savings Location (Where will you
save the money?)
Example: To have $500 in for emergency saving by the end of six months.
$500 $85 Cut back on one meal out per week with friends. $40/month Commit to saving $15 per week from pay check. $60/month
Savings account at a credit union
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Keys to Your Financial Future Step 2.1: Calculate Your Debt-to-Income Ratio
If you have no debt or income, skip this step for right now. But remember to come back to it when you do have income and debt. You can use this as a tool to keep your debt in check in relation to your income. You can also use it when you are considering taking on more debt. Remember to include the monthly payment of new debt in your calculation.
Debt Monthly Amount Owed
Credit Card Debt Credit Card Debt Automobile Loan Student Loan Other Other Total Monthly Debt
Monthly Gross Income = ______________
Total Monthly Debt/Monthly Gross Income = ______________
q If number is .2 (20%) or less, you do not have too much debt
q If the number is .21 (21%) or greater, you have too much debt; get assistance from the Opportunity Passport™ site staff.
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Keys to Your Financial Future Step 2.2—Order Your Credit Report
If you are under 18, use the steps in this module to check to see if you have a credit file.
Use this checklist to record the steps you have taken to ensure you do not have a credit file.
Equifax Transunion Experian Date checked: Process uses: Does a credit file exist? YES NO If no, you are done.
If yes, take the steps to ordering a credit report as outlined in the module. Information submitted to Equifax (insert list): Date information submitted: Date credit report received: Date credit report reviewed with Opportunity Passport™ Staff or another trusted adult: Steps taken to get rid of fraudulent credit information:
q Identity Theft Report Filed with Police (be sure you have a copy)
q Identity Theft Complaint Form Filed with the
Date checked: Process uses: Does a credit file exist? YES NO If no, you are done.
If yes, take the steps to ordering a credit report as outlined in the module. Information submitted to Transunion (insert list): Date information submitted: Date credit report received: Date credit report reviewed with Opportunity Passport™ Staff or another trusted adult: Steps taken to get rid of fraudulent credit information:
q Identity Theft Report
Date checked: Process uses: Does a credit file exist? YES NO If no, you are done.
If yes, take the steps to ordering a credit report as outlined in the module. Information submitted to Experian (insert list): Date information submitted: Date credit report received: Date credit report reviewed with Opportunity Passport™ Staff or another trusted adult: Steps taken to get rid of fraudulent credit information:
q Identity Theft Report
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Equifax Transunion Experian Federal Trade Commission
q Fraud alert and/or credit freeze on credit file
q Creditor(s) contacted with letter informing them of minor status (attach Identity Theft Report)
q Other Steps
Filed with Police (be sure you have a copy)
q Identity Theft Complaint Form Filed with the Federal Trade Commission
q Fraud alert and/or credit freeze on credit file
q Creditor(s) contacted with letter informing them of minor status (attach Identity Theft Report)
q Other Steps
Filed with Police (be sure you have a copy)
q Identity Theft Complaint Form Filed with the Federal Trade Commission
q Fraud alert and/or credit freeze on credit file
q Creditor(s) contacted with letter informing them of minor status (attach Identity Theft Report)
q Other Steps
If you are over 18, go to www.annualcreditreport.com
And order your credit report. Be sure to get your report from each of the three credit reporting agencies.
Equifax Transunion Experian Date credit report accessed and printed:
Date credit report accessed and printed:
Date credit report accessed and printed:
Be sure to keep your credit report in a safe and secure place. This document has a lot of personal information. If you do not have a safe and secure place to keep it, review it then shred it OR get some help from staff at your Opportunity Passport™ site.
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Keys to Your Financial Future Step 2.3: Credit Report Review Checklist
Use this form to check your credit reports each year. Keep this form with your credit reports. Also be sure to keep any correspondence about the credit report such as dispute letters. If you do find mistakes, highlight them using a highlighter on your actual credit report. Experian Equifax Transition Date You Reviewed Your Report
Is your name correct? (Check aliases they may have listed for you, too.)
Is your social security number correct?
Is your address correct?
Are your previous addresses correct?
Is there anything listed in the public records section? If yes, is this information correct?
Do you have anything listed in the collections section? If yes, is this correct?
If something is listed in the collections section, has it been noted as closed in the accounts section?
Review each entry in the accounts section. Do they all belong to you?
Check the account name, account number, loan amount, and current balance. Are these correct?
Check payment pattern. Are there payments outstanding? Are there payments marked as late? Are these correct?
Do you need to file a dispute?
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Keys to Your Financial Future Step 2.4: Disputing Errors on Your Credit Report
If you have errors on your credit report, use this checklist and the example letter to dispute them. Correcting mistakes can make your credit history look better and improve your credit scores.
Status Task
Write a letter to the credit bureau that sent you the report.
Provide the account number for the item you feel is not accurate.
For each item, explain concisely why you believe it is not accurate.
If you can, include copies of bills or statements that show you have paid them on time. Send copies only. NEVER SEND ORIGINAL DOCUMENTS.
Provide your address and telephone number at the end of the letter so the credit bureau can contact you for more information if necessary.
Make a copy of your letter before you send it to the credit bureau.
Send a letter to the creditor or information provider who has misreported the information to the credit reporting agency.
If you can, include copies of bills or l statements that show you have paid them on time. Send copies only. NEVER SEND ORIGINAL DOCUMENTS.
Attach all correspondence related to this dispute to this checklist and keep it in a safe place.
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Keys to Your Financial Future Step 2.5: Credit Repair or Building Plan
Use the questions to develop your credit building plan.
• Do you need to repair your credit history? YES NO
• Do you want to build your credit? YES NO
• What steps can you take to repair or build your credit?
Action Step Resources or Information You Need
Date to Implement
Date Completed
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Keys to Your Financial Future Step 3.1: Create Your Bill Payment Calendar
If you are paying bills, make a bill payment calendar for yourself. If you are not yet paying bills, you can skip this step for now.
Use the chart to make a list of your bills. Then use the calendar form to make your bill payment calendar. If you use an online calendar, you can put your bills on your online calendar. Check to see whether the online calendar includes an application to send you email reminders or texts when bills are coming due.
Biller Account Information (account number) and
Amount
Due Date and Payment Method
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Keys to Your Financial Future Step 3.2: Saving for the Opportunity Passport™ Matched Savings
After completing this exercise, where do you think you will keep the money you save for the Opportunity Passport™ matched savings (check one)?
q Jar, under the mattress or somewhere at home q Stored value card q Savings account q Checking account
What are the reasons for your choice?
What additional information do you need to finalize your choice?
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Keys to Your Financial Future Step 3.3: Plan for Using a Bank or Credit Union
If you are thinking about opening an account at a credit union or bank, use the following checklist to help you make your choice. There is space at the end of the worksheet to add your own questions.
Bank or Credit Union 1
Name:
Bank or Credit Union 2
Name:
Bank or Credit Union 3
Name:
Safety Is it FDIC or NCUA insured?
Requirements for Opening an Account Do you need a custodian if you are under18 years of age?
What identification documents do you need to open an account?
Does the bank check ChexSystems or credit reports before allowing a savings or checking account?
Is there a minimum balance requirement for opening checking or savings accounts?
Access and Convenience Is the bank or credit union close to where you live, go to school or work?
Is it open during hours you can visit?
Will you have ATM access? Are there many bank/credit union-owned ATMs accessible to you?
Does it provide online banking?
Fees Is there a fee for going below minimum balance?
Are there a monthly account maintenance
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Bank or Credit Union 1
Name:
Bank or Credit Union 2
Name:
Bank or Credit Union 3
Name:
fees? Are there fees for using debit cards to make retail purchases?
Are there fees for using online banking services
What other fees are possible with a savings account?
What other fees are possible with a checking account?
Interest and Statements Will you earn interest? What is the rate of interest you will earn (APY)?
How often will you receive bank statements?
Other Services What additional services will you be able to access?
Do they offer secured credit cards?
Do they offer credit building loans?
Other question:
Other question:
Other question:
What bank or credit union did you choose?
What were your reasons for this choice?
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Keys to Your Financial Future Step 3.4: Making Your Budget To make your budget, choose the approach that is right for you:
q The envelope system—work with your Opportunity Passport™ site staff to help you get this started
q Monthly budget—use the following form q Cash flow budget—use the following form q Online budgeting systems—work with your Opportunity Passport™
site staff to help you get this started
With any system, don’t forget to start with these first three steps: Step 1: Set (or revisit) your goals. This is the purpose of your budget. It will give you your savings target for each month.
Step 2: Figure out how much income you can expect every month.
Step 3: Write down your current expenses, monthly debt repayment and how much you want to save for your goals.
Monthly Budget Form
Budget Actual Difference SOURCES of INCOME
Wages or Salary Gifts Public Benefits Other:
SUBTOTAL
Budget Actual Difference USES of INCOME SAVING Emergency Funds Opportunity Passport™ Matched Savings Other: Other: SUBTOTAL SHARING
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Budget Actual Difference Charitable giving Other: Other: SUBTOTAL DEBT PAYMENT Credit card payment Car payment Other: Other: SUBTOTAL EXPENSES Housing
Rent Renter's Insurance
Utilities
Electricity Water Telephone Cell phone and data plan Internet connection (ISP) Other:
Food and Household Supplies
Groceries Personal care items Haircuts, etc. Other:
Clothing
Clothing Other:
Transportation
Car insurance Fuel Car maintenance
Medical
Health insurance premium Co pay Prescription Other:
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Budget Actual Difference Entertainment
Dining out Video/DVD Rental Other:
Miscellaneous
Holiday and birthday gifts Vacation Other:
SUBTOTAL
Cash Flow Budget Form
Week of Week of Week of Week of Cash Balance from Previous Week
Wages or Salary Youth Board Participation Gifts Self Employment Public Benefits
Total Cash Available Savings
Emergency Fund Deposit Opportunity Passport™
Matched Savings Other Other
Sharing
Charitable Giving Other Other
Debt Repayment
Credit card payment Student loan payment Car payment Other
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Week of Week of Week of Week of Expenses
Housing (rent) Renter's Insurance Utilities Cell phone plan/data plan Internet connections Groceries Household supplies Personal care Clothing Car insurance Fuel Maintenance Registration Health care Entertainment Other Other Other
Total Uses of Cash
Cash Balance
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Keys to Your Financial Future Step 3.5: Getting Your Critical Documents
Complete the following chart to help you plan, get and securely keep your critical documents.
Document Status Where to Get It (include contact information and
notes)
Where to Keep It (safe and secure)
Certified copy of birth certificate
q Have it q Ordered it q Don’t know how
to get it
State picture identification card OR Driver’s license
q Have it q Ordered it q Don’t know how
to get it
Green card or immigration documents (if applicable
q Have it q Ordered it q Don’t know how
to get it
Social Security Card
q Have it q Ordered it q Don’t know how
to get it
Medical records
q Have it q Ordered it q Don’t know how
to get it
Immunization records
q Have it q Ordered it q Don’t know how
to get it
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Document Status Where to Get It (include contact information and
notes)
Where to Keep It (safe and secure)
School transcripts
q Have it q Ordered it q Don’t know how
to get it
Voter registration card
q Have it q Ordered it q Don’t know how
to get it
Bank or credit union account information
q Have it q Ordered it q Don’t know how
to get it
Credit reports Experian, Equifax and Transunion
q Have it q Ordered it q Don’t know how
to get it
Work permit if needed
q Have it q Ordered it q Don’t know how
to get it
Other q Have it q Ordered it q Don’t know how
to get it
Other q Have it q Ordered it q Don’t know how
to get it
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Keys to Your Financial Future: Step 4.1
Opportunity Passport™ Matched Savings for Education and Training Do you plan to use your Opportunity Passport™ Matched Savings for education and training? YES NO If yes, how do you plan to use the Opportunity Passport™ Matched Savings? (Check those that apply)
q Tuition, registration and required fees q Textbooks and required equipment q Computer
Savings Goal and Potential Value of Your Opportunity Passport™ Matched Savings
Amount you will save in your Opportunity Passport™ Matched Savings
$
Match Rate X Total Potential Value of Your Opportunity Passport™ Matched Savings
=
How much more will you need to get your education and training?
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Keys to Your Financial Future Step 4.2: Education, Training and Career Goals
Write SMART education, training and career goals.
SMART Goals Check to Ensure Each Goal is SMART
Career Goals
q Specific q Measurable q Achievable q Results-
Oriented q Timebound
q Specific q Measurable q Achievable q Results-
Oriented q Timebound
q Specific q Measurable q Achievable q Results-
Oriented q Timebound
Training and Education Goals q Specific
q Measurable q Achievable q Results-
Oriented q Timebound
q Specific q Measurable q Achievable q Results-
Oriented q Timebound
q Specific q Measurable q Achievable q Results-
Oriented q Timebound
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Keys to Your Financial Future Step 4.3: Career Research Worksheet
Use the worksheet to find out information about the job or career that is your goal. This can be used to ensure you are clear about the requirements to get and keep a job and the likelihood of employment. Complete one for each job being considered.
Career Research Worksheet
Name:________________________ Date Completed:___________ Job/Occupation
Standard Occupational Code
Job Description
Education Level Needed to Get Employment1
Other Entry Requirements (Licenses, Certifications, On-the-job Training or Experience, etc.)
Skills Required to Get Employment
Expected Starting Salary
Median Salary
Employment Outlook q Rapidly growing (29% or greater) q Growing (10% to 28%) q Little growth (0% to 9%) q Declining
1 Ensure education or training provider recognized and respected by potential employers. Get this information from potential employer as part of an informational interview, not the education or training provider.
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Name:________________________ Date Completed:___________ Working Conditions
Physical Demands
Education and Training Required to Maintain Employment2
Potential Employers in Community or Surrounding Area
Other Important Information
2 If more training or education is required, ensure current education or training provider recognized by potential subsequent education and training providers.
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Keys to Your Financial Future Step 4.4: Training, Education and Career Plan
Use your training, education and career goals and the information from your career worksheet to complete your training, education and career plan. The resource section will help you identify some costs to consider for you budget.
Training, Education and Career Plan
Name: ___________________ Date: _______________ Education, Training and Career Goal 1
Benchmark 1: Resources
Benchmark 2: Resources
Benchmark 3: Resources
Benchmark 4: Resources
Benchmark 5: Resources
Education, Training and Career Goal 2
Benchmark 1: Resources
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Benchmark 2: Resources
Benchmark 3: Resources
Benchmark 4: Resources
Benchmark 5: Resources
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Keys to Your Financial Future Step 4.5: Can My Career Support Me?
Use the following worksheet to estimate whether your chosen career will likely lead to financial independence. If you created a budget in module 3, you can use that budget.
Career Goal: ____________________________________________
Estimated Starting Salary: _________________________________ (Consult your career research worksheet)
Monthly Estimate Monthly Hourly (Estimated starting hourly wage X 160 hours)
Total Monthly Income
Housing
Utilities
Cell phone/data plan
Internet service
Transportation
Food and household supplies
Health care
Personal care
Emergency savings
Student loan debt payment
Credit card debt payment
Other debt payment
Other
Other
Other
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Monthly Estimate Total Expenses and Obligations
Difference (Month Income – Monthly Expenses and Obligations
If your career choice does not seem to support your living independently, what can you do?
Will your likely starting salary cover your anticipated living
expenses and obligations?
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Keys to Your Financial Future Step 4.6: Paying for Postsecondary Training and Education
Use this worksheet to begin planning your budget while in postsecondary education or training. Your workbook contains a worksheet for only one year.
Employment
Wo rk ing a P a rt-‐t im e jo b
Total Resources
BudgetSchool TuitionSchool FeesBooksComputer & softwareHousing & UtilitiesPhone and Data Plan
Internet Service Provider
Food and Household SuppliesTransportationPersonal CareHealth CareEmergency SavingsOtherOtherOtherTOTAL BUDGET
Scholarship LoanWork Study Income ScholarshipTuition
discount Pell Chafee ETV
Opportunity Passport™ Matched Savings
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Keys to Your Financial Future Step 5.1: Renting vs. Buying
Complete the following assessment. When you are finished, answer the questions that follow.
YES NO Unsure
Do you plan to live in this area for at least five years?
Do you have a good amount of savings?
Do you have 5% to 20% of the cost of house to toward down payment and closing costs?
Can you handle major changes in your cash flow due to unexpected expenses?
Are you okay with not being able to move around?
Are you relatively debt-free?
Are you interested in making repairs to your home?
Do you have the time and interest to do regular maintenance on your home?
Are you interested in remodeling your home or making improvements?
Do you have consistent income?
Would you consider your source of income (your employment or self-employment) stable?
Do you have a good credit score?
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YES NO Unsure
Do you own or want to own pets?
Do you have the time and interest to maintain a yard (may not be applicable in all locations)?
Are you comfortable with more of your income going to cover housing costs?
Total for Each Column
• If the yes column total > no column total, you may want to explore buying a home.3
• If the yes column total is = or < the no column total, you may want to consider renting for the time being.
• If the unsure column > the yes or no column, you may want to consider renting for the time being.
Based on this assessment, should you rent or buy?
Do you agree with this result? YES NO
Please explain why you agree or do not agree with the result.
3 If homeownership is right for you, ask your Opportunity Passport™ site staff about which sections of this module you can skip. Because it focuses on renting, some of the information may not be necessary for you.
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Keys to Your Financial Future Step 5.2: Opportunity Passport™ Matched Savings for Housing
Do you plan to use your Opportunity Passport™ Matched Savings for housing? YES NO If yes, how do you plan to use the Opportunity Passport™ Matched Savings? (Check those that apply)
q First month’s rent q Security deposit for an apartment q Down payment and closing costs for a house q One-time payment of renter’s or homeowner’s insurance (with 1st
month’s rent or down payment)
Savings Goal and Potential Value of Your Opportunity Passport™ Matched Savings
Amount you will save in your Opportunity Passport™ Matched Savings
$
Match Rate X
Total Potential Value of Your Opportunity Passport™ Matched Savings
=
How much more will you need to get your housing?
What are your plans for coming up with the additional funds you need to get and maintain your housing?
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Keys to Your Financial Future Step 5.3: Choosing a Neighborhood
Using the following chart to help you evaluate different neighborhoods that you are considering. Add other neighborhood characteristics that are important to you.
Circle whether the neighborhood has that trait—YES, has it a little—SOMEWHAT or doesn’t have it all—NO. Then add up your responses in each column. The column with the highest number is the one that has most of the traits you are looking for in the neighborhood.
If you already know where you want to live, you can use this exercise to evaluate whether it has the characteristics that are most important to you. Or you can skip this step.
Neighborhood 1 Neighborhood 2 Neighborhood 1 Do you have friends, family or a trusted adult in the neighborhood?
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
Can you get safe, reliable and affordable public transportation?
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
Can you walk to a grocery store and other businesses or organizations you use?
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
Does it seem like a place where you can meet and greet your neighbors?
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
Do people take care of their homes—whether they rent them or own them
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
Other
YES
Some-what
NO
YES
Some-what
NO
YES
Some-what
NO
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Neighborhood 1 Neighborhood 2 Neighborhood 1
3 1
0
3
1
0
3
1
0
Other
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
Other
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
YES 3
Some-what 1
NO 0
TOTAL
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Keys to Your Financial Future Step 5.4: Housing Budget Maximum
If you are living independently, complete the following worksheet to identify the range within you should keep all of your housing costs.
If you do not yet have an income, project your income when you leave care or college. Go back to the work you completed in module 4—career research and likely starting wages. This can give you a place to begin.
Monthly net income __________ X .25 = ______________________
Monthly net income __________ X .40 = ______________________
What do you think are the risks of spending more than 40% of your net income on housing?
Keys to Your Financial Future Step 5.5: Housing Budget--Renting If you plan on renting, complete the following budget.
One-time or occasional expenses
Ongoing or regular
expenses
Total Cost
One-time or purchase cost
Occasional expenses
Monthly
First month’s rent and security deposit
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One-time or occasional expenses
Ongoing or regular
expenses
Total Cost
Utility deposits
• Electricity • Gas • Water • Cable or Satellite
Television • Other
Furniture
(include lamps, chairs, tables, couches, bed and dresser)
Sheets, bedding and towels
Kitchen—pots, pans, plates bowls, appliances (blender, toaster and microwave) and utensils
Electronics
• Television • DVD Player • Music (something to
plan music on) • Computer (unless
you already have one)
Household supplies
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One-time or occasional expenses
Ongoing or regular
expenses
Total Cost
(Cleaning equipment and supplies)
Décor (pictures, posters, curtains, etc.)
Renter’s Insurance
Other one-time expenses
Rent
Utilities
• Electricity • Gas • Water • Cable or Satellite
Television • Other
Parking
Other
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One-time or occasional expenses
Ongoing or regular
expenses
Total Cost
Other
Total One-Time or Maintenance Costs
Total Ongoing Costs
Monthly Estimate
X4
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Keys to Your Financial Future Step 5.6: Getting More Information on Ways to Pay Use the following worksheet to find out more information about ways to pay for rent. What is
covered? Can the funds be used to buy a home?
When are you eligible for these funds?
Who do you contact to get more information or access these funds?
Chafee Funds
Education, Training and Voucher Program
Family Unification Program (FUP)—
Section 8 Housing Choice Voucher Program
Public Housing Program
Transitional Living Program
Other Resource
Other Resource
Other Resource
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Keys to Your Financial Future Step 6.1: Transportation Needs Assessment Complete the following table to help you determine your transportation needs. Identify what transportation options you actually have in getting from where you live to where you need to go and then back again to where you live. Use the “other” spaces to identify other places you may need to go in any given week. Walk Bike Someone
else can reliably drive me
Bus (school bus)
Public transportation
(bus, subway,
train)
Taxi Car Sharing
(Zipcar for example)
Personal car needed
Getting to and from school
Getting to and from extracurricular activities (sports, band, clubs, etc.)
Getting to and from Opportunity Passport™ Trainings and Meetings
Getting to and from Youth Board Meetings
Getting to and from other opportunities for socializing—visiting or going out with friends and family
Getting to and from your job
Getting to and from the bank or credit union
Getting to and from the grocery store or other errands necessary to support
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Walk Bike Someone else can reliably drive me
Bus (school bus)
Public transportation
(bus, subway,
train)
Taxi Car Sharing
(Zipcar for example)
Personal car needed
yourself
Other
Other
Other
Other
Total in Each Column
Once you have filled in the table, total the responses in each column. The column with the highest score is likely the transportation option you can rely on or need to invest in for the time being. If you are still in care, you may want to repeat this exercise thinking about what your transportation needs will be once you getting ready to transition to independence.
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Keys to Your Financial Future Step 6.2: Maximum Transportation Expenditures
If you are living independently, complete the following worksheet to identify the range within you should keep all of your transportation costs.
Monthly net income __________ X .10 = ______________________
Monthly net income __________ X .20 = ______________________
What do you think are the risks of spending more than 20% of your net income on transportation?
Keys to Your Financial Future Step 6.3: Transportation Budget If you are using or going to use anything except a personal car, use the form below to make your transportation budget.
One-time or occasional expenses
Ongoing or regular expenses
Total Cost
Transportation Category
One-time purchase cost
Maintenance costs
Trips per week
Cost per trip
Bicycle
Paying friend or other who drives me for gas
Public
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One-time or occasional expenses
Ongoing or regular expenses
Total Cost
Transportation Category
One-time purchase cost
Maintenance costs
Trips per week
Cost per trip
transportation
Taxi
Car Sharing
Other
Other
Total One-Time or Maintenance Costs
Total Ongoing Costs
Monthly Estimate
X4
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Keys to Your Financial Future Step 6.4: Opportunity Passport™ Matched Savings for a Vehicle Do you plan to use your Opportunity Passport™ Matched Savings for a vehicle? YES NO If yes, how do you plan to use the Opportunity Passport™ Matched Savings? (Check those that apply)
q Buy the vehicle q Make a one-time payment of car insurance in conjunction with the
purchase of a vehicle q Pay for title and registration in conjunction with the purchase of a
vehicle
Savings Goal and Potential Value of Your Opportunity Passport™ Matched Savings
Amount you will save in your Opportunity Passport™ Matched Savings
$
Match Rate X
Total Potential Value of Your Opportunity Passport™ Matched Savings
=
How much more will you need to get your vehicle?
What are your plans for coming up with the additional funds you need to get and maintain your vehicle?
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Keys to Your Financial Future Step 6.5: Budget for a Car Use the table below to brainstorm the expenses of owning and operating a car. Once you have brainstormed the list, identify whether the expense is one time or recurring. If it is recurring, how often it is recurring.
Expense One Time
Once a Year
A Few Times Per Year
Monthly More Than Monthly
Ex. Gasoline
√
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Expense One Time
Once a Year
A Few Times Per Year
Monthly More Than Monthly
Now that you have brainstormed all of the expenses of getting and keeping a car, you can make a budget. This can help you pick the right car when the time comes.
Expense Weekly
Amount Monthly Amount
Quarterly
Amount
Annual Amount
Ex. Gasoline
47.50
190
Ex. Car payment
234
Ex. Car insurance
500
Monthly Budget Expenses to Save For
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Expense Weekly Amount
Monthly Amount
Quarterly
Amount
Annual Amount
Totals
Is the amount less than 20% of your net income? YES NO
If no, get help on finding ways to cut down your transportation costs.
Now that you have finished a complete budget for your car, you go back and add it to the overall budget you created in Module 3.
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Keys to Your Financial Future Step 6.6: Obstacles to Getting and Keeping a Car Use the list of potential barriers, to help you identify the top five obstacles you think you will encounter as you try to get and keep a car. If you do not need a car, think about the top five obstacles you will encounter using the transportation mode you have identified for yourself. Then identify strategies for overcoming these obstacles. Obstacle Strategy to
Overcome Obstacle
Resources Needed to Implement Strategy
People that Can Help
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Keys to Your Financial Future: Step 7.1 Investing in Your Community (Optional) You may not be at a place where you can think about giving back yet, but giving back to communities that are important to you can net positive returns. Use the following worksheet to begin to think about how you could invest in communities that are important to you.
Communities
Important to You What would you be willing to invest?
What do you anticipate to be the
returns?
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Keys to Your Financial Future: Step 7.2 Assessing Your Risk Tolerance (Optional) With a partner or on your own, visit this website and complete the risk assessment. http://njaes.rutgers.edu/money/riskquiz/ Once you have completed the assessment, circle which result you got from taking the assessment.
• You have a high tolerance for risk. • You have an above-average tolerance for risk. • You have an average/moderate tolerance for risk. • You have a below-average tolerance for risk. • You have a low tolerance for risk.
Do you think this accurately reflects your risk tolerance? (Circle one) YES NO Why or why not?
How will you use this information about yourself?
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Keys to Your Financial Future: Step 7.3 Keys for Saving and Investing Do you want to put some of your money into savings or investing? Now that you know your risk tolerance, complete the other keys to saving and investing. Consider revisiting the SMART goals you developed in Module 1 as part of your asset building plan. What are you saving for?
How much do you need?
When do you need the money?
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Keys to Your Financial Future: Step 7.4 Opportunity Passport™ Matched Savings for Investing Do you plan to use your Opportunity Passport™ Matched Savings for investing? YES NO If yes, how do you plan to use the Opportunity Passport™ Matched Savings? (Check those that apply)
q Deposit into Certificates of Deposit q Buy stocks q Buy bonds q Buy shares in a mutual or exchange traded fun
Savings Goal and Potential Value of Your Opportunity Passport™ Matched Savings
Amount you will save in your Opportunity Passport™ Matched Savings
$
Match Rate X Total Potential Value of Your Opportunity Passport™ Matched Savings
=